Cardano (ADA) is consolidating between $0.695 and $0.75 levels with potential for a 12% surge if it breaks above $0.756
Traders remain bullish with $17M in long positions compared to $3M in short positions
ADA has been included in the White House Crypto Working Group’s consideration for government crypto stockpile
Technical analysis shows a rounding-bottom pattern forming with consecutive bullish candles
Open interest in ADA futures has increased to $785.91 million, indicating growing market participation
Cardano (ADA) price has maintained steady ground around the $0.70 mark while many other cryptocurrencies have seen upward momentum. The eighth-largest cryptocurrency by market cap has been trading in a consolidation range between $0.695 and $0.75 for some time now.
The sideways movement has traders watching key levels closely. A daily candle close above $0.756 could trigger a 12% rally toward the $0.85 level according to technical analysis. Conversely, if ADA drops below $0.69, it might fall to $0.65 in the near term.
Despite the unclear price direction, market sentiment leans positive. Data from on-chain analytics firm Coinglass shows traders have built $17 million worth of long positions compared to just $3 million in shorts. This indicates strong bullish sentiment among market participants.
Trading volume has also picked up, with a 40% jump over 24 hours. This increase in activity suggests heightened market interest even during the consolidation phase.
The price action reveals a short-term rounding-bottom pattern forming from the $0.70 support level. Technical analysts have also identified a morning-star pattern that completed on Sunday with a 1.31% recovery, which is often viewed as a bullish reversal signal.
Open interest in ADA futures has climbed to $785.91 million. The long-to-short ratio has reached a nearly neutral point at 1.0396, showing increasing bullish positions over recent days.
ADA currently faces resistance from the 200 Exponential Moving Average (EMA) on the daily timeframe. This technical indicator is acting as a ceiling that has so far capped upward movement.
The daily Relative Strength Index (RSI) is approaching the 50 level. This suggests neutrality in trend momentum as the market waits for the next significant move.
Trading Analysis
Fibonacci analysis shows that if ADA breaks above the 61.80% retracement level at $0.7351, it could potentially rally toward the 78.60% Fibonacci level. This sits just below the psychologically important $1 mark at $0.9216.
Some analysts have set even more bullish long-term targets. Crypto analyst Dan Gambardello has suggested that ADA could reach $10 in the coming bull cycle, representing a 1,300% increase from current prices.
This projection is based on several factors, including Cardano’s recognition by government entities. The Executive Director of the White House Crypto Working Group, Bo Hines, recently mentioned ADA among cryptocurrencies being considered for the government’s crypto stockpile alongside Bitcoin, Ethereum, XRP, and Solana.
Hines explained that these tokens were selected based on market capitalization, calling them “the five largest market caps in this space.” This official recognition could boost market confidence in Cardano.
Additionally, Cardano founder Charles Hoskinson is set to moderate a discussion with Donald Trump Jr. and World Liberty Financial at the DC blockchain summit on March 26. The event will focus on digital liberty and expanding global access to digital assets.
Some market observers point to macroeconomic factors that could benefit cryptocurrencies like ADA. The Federal Reserve’s planned reduction in quantitative tightening beginning in April might serve as a catalyst for price growth.
While maintaining long-term bullish outlooks, analysts acknowledge that short-term volatility remains likely. Key support levels between $0.50 and $0.60 may be tested before a sustained uptrend materializes.
Whales and long-term holders appear to be accumulating ADA despite market fluctuations. This continued buying pressure could signal confidence in future price appreciation.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
